2 firms submit proposals to purchase lots at SRP

High rise buildings may soon be constructed at the South Road Properties once the city government decides to ink a formal contract with two companies that have formally submitted their proposals for the purchase of lots there.

Mayor Tomas Osmeña yesterday said two companies have already submitted formal proposals for the purchase of around 40 to 50 hectares each at the SRP. However, he has yet to go through the proposals. The mayor just arrived from the United States after a vacation for the holidays.

photo by jillmalcibar - Flickr

Although Osmeña would not directly divulge the identities of the locators, he said it is sufficient to say that both are interested to construct high rise structures along the main road at the SRP.

The city has since established a tight-lip policy on identities of investors that have expressed intention to purchase lots at the reclamation project. Aside from this, the city has also been choosy in accepting offers to invest, as the mayor said this stage of the project is “very critical”.

Osmeña said the quality of investors at the SRP would determine Cebu’s growth once the SRP is fully functional.

Osmeña earlier explained that he wants the SRP to be sold and developed not by lots but by complexes just like the development in Makati where structures are virtually connected. Likewise, the mayor said the city plans to put up a central transport terminal at the SRP so that people would not have a difficult time going into the companies that would invest there.

Last month, Osmeña announced that the city would be signing in high profile investors “in a magnitude that will take care of the city’s financial constraints.”

Also last month, the city launched the Resource Recovery Facility at the Inayawan Sanitary Landfill, which is aimed to produce electricity for locators at the SRP.

The city believes that the ReSTORETM, which would convert landfill into a waste-to-energy treatment facility, is certainly an added boost to SRP investors, as it would eventually lower down the cost of their electricity with the subsequent launch of the power plant.

With an estimated cost of P500 million, the project will generate 10 megawatts of power, which is equivalent to 10 percent of the projected power requirement of future locators at the SRP.
Article source: The Freeman

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